Bitcoin Forum

Bitcoin ban: How cryptocurrency exchanges are circumventing RBI's circular
https://m.businesstoday.in/lite/story/bitcoin-ban-how-cryptocurrency-exchanges-are-circumventing-rbi-circular/1/280005.html

Any country that bans cryptocurrency will end up changing their mind when it becomes widely adopted.  Your economy would lose out on  a lot of business if you weren't accepting a currency that the entire world uses.

From the information in the link, I think the ban has not really been active since the exchanges are still acting as escrow.

Thus, from this extract from the link"
Nischal Shetty also explained how peer-to-peer method will work. He said the exchange will first connect the person looking to buy crypto for rupee with someone who's looking to sell crypto for rupee. Then the seller will have to deposit the virtual currency with the exchange. Then the buyer will have to pay rupee to the seller directly. And once the seller receives the payment and confirms to the exchange, the crypto-exchange will release the currency to the buyer".

Hence, the exchanges are still running an escrow services. Meanwhile, the suppose ban was to even limit exchanges activities with individual and not limiting India investors with the outside world.

I totally agree with you on this. The leading countries governments have a hard time inhibiting BTC so countries which don't have much opposition find it easier to ban BTC and they do so almost to please the giants, but soon they will realise at what a cost that came to

So this is probably related to why zebpay close their exchange. The news back then about India's government about BTC was different but maybe one day they change their minds about it because countries embracing crypto is increasing already, they know whats coming in the future so join the flock because we are going there.

so trading in india is illegal or we can still do trade and cashout via localbitcoins ?
my personal thinking would me its most wrong decision and now crypto trader will do hidden buy and sell without giving tax !

I'm not aware on this news that bitcoin is ban at india but since im full of curiosity i've research some news and i would like to share it the link is down below , looking forward to reply or comment though , because as far as i know it's been regulated on some part of asia so how come the india country ban it.

Link: https://www.newsbtc.com/2018/04/07/no-india-not-banned-bitcoin-trading-government-confirms/

I want to correct your statement; bitcoin has not been banned in India.  Though Reserve Bank of India has restricted banks under its control prohibiting usage of their customer's accounts for purchase of crypto currency.  So now the customers of Indian banks can not buy crypto by debit to banking channels.

Though Government of India has not declared crypto currency as illegal activity.  

I am sure that after some time the Government will think over the issue and as the adaptability of the coins is increasing and people are diverting towards crypto currency the restrictions will be withdrawn.  Because future is of crypto currency.

I think this is where it will get to. It is going to be a hidden business transaction where the people there won't have the freedom to exercise financial transaction anymore. But, I think this is likely to set the Indians backwards a bit.

I just think that this is not a way that can be 100% dead for India, they can still access it without any obstacles, it can be called not permanent, so do not worry it's just a bluff for all users in India to sell what they have may be there a bit of an old game now, do not just look at the negative news India does but there are some positive news from different countries, the advancement of cryptocurrency will be very good for the future, then they will follow the flow that is not too far behind from developed countries.

I am sad to hear that news because I am worried about the people in India that wants to invest in bitcoin. People in India wants to invest in bitcoin but they can't. I hope that the bitcoin will not be banned in India because many people wants to invest in bitcoin.

Those news are more than old, i dont understand why you even bother to post it again because we have already seen them more than dozens of times before. Anyway, this does not have a huge weight on the bitcoin community, hopefully.

India will repent further for doing so. Bitcoin is being used in many places and I hope this popularity will increase more ahead.

Luckily I'm not an Indian. Maybe India is a slow country. They fear Bitcoin will destroy their economy but they do not know that they have lost future when they ban Bitcoin

A sad and old news. India has banned crypto too because of its virtuality and many other cause. But I am not much bothered about it as you can see the market is still recovering inspite of this bad news.

cryptocurrencies are banned in india but the government in india thinking seriously about cryptocurrencies because cryptocurrencies are accepted by other countries worldwide then india also has to be accepted cryptocurrencies and when it will be accepted the started charging taxes on it.

that's why you need to go to Socratus

Nowadays btc is very famous and popular crypto currency in the world people like to use this currency in various purpose but its really disappointing that India banned BTC which is really affect their people who have investment in here because they can earn more with this. I hope they will consider this chapter again.

I think It is very much still legal to trade cryptocurrency and please note that 31st March Government installed committee to provide report to government to regulate or bring rules so please be vigilant and see the news to get avoid any trouble in future. I would suggest to watch the genuine news .

For sure they will realise that.
There are some countries that Bitcoin are ban but i believe their mind will change and realized how's important of crypto currency.

This information have been mention on several occasion on this forum and elsewhere. Please kindly look for an information that will elevate the cryptocommunity positive. We have so many good news about bitcoin, look for them and post it here.

I know that sounds bad coming from a country which has huge number of users .
Its not banned but its also technically ban as people can't use it for their own things . Basically the withdrawal is banned and using banks as a medium is banned .
But i am optimistic they will find a way out of this.

As the market of crypto currency is decentralized market the government or any third party a=cannot interfere in it. As a result government will try to impose laws to prevent it in the country. Like done India. But as the popularity and the usage of the crypto currency increases the government will be forced to allow it in the country

Resistance to revolution is like miss the ladder to the for the fortune. If India not change its stand on crypto then he will suffer too much loss in taxation and jobs alao which is very important for government. So I think they will change there stand on crypto.

Trading isn't illegal. You just can't use your bank account for anything crypto related. Likewise, crypto businesses won't be given access to bank services either. Peer-to-peer is essentially the only way to go from this point and it's still perfectly legal. For your situation specifically: you can use localbitcoins but you can't cash out to your bank account (or you can, but your bank might close it).

It also has to be noted that this central bank ban is not permanent yet. There's still a hearing scheduled (https://qz.com/1319985/rbi-ban-on-indias-cryptocurrency-exchanges-will-remain-top-court-rules/) on July 20 so it's possible for it to be lifted then. Cross your fingers, there's still hope.

A news is being heard that the government of India has banned the transactions of crypto currency. But we can hope that they will end up changing their mind.

Before saying anything about this statement I will like correct that India didn't ban bitcoin the government still haven't fill anything about this but yes the Central Bank of India decided to not to cooperate with bitcoin  that's why the users can't do any kinds of transaction in india

Bitcoin being a decentralized system, keeps getting banned in countries every now and then. However, the ban is removed aftrr sometime when the authorities realized how it is needed in the country. It'd have been better if the authorities actually thought twice before placing a ban on Bitcoin.

It is very sad to hear some news that bitcoin is being ban on some countries. Although it has a big impact to them bitcoin is very useful and it is a big loss if they are noy being used.

In my opinion banning cryptocurrency in a country is like banning the future in business. Sooner or later those goverments will surely know what is the importance of cryptocurrency. Bitcoin is the FUTURE!

Yea, its true that bitcoin is banned i9n India. It’s really sad. But soon Government will realise it’s good side and even accept it. Hope for the permit to get India be more proud.

Naturally that is what happens in reality. Every country has been doing the same. India has created a lot of trouble by saying a no to bitcoin. Eventually they would realize that this was the real loss to the economy of the country when a significant part of Indian population is deeply engrossed into the bitcoin market and they are most active participants of the market. Ultimately the result of all of this would be that the government will have to face the resistance by its citizens. Right now nobody has come up to oppose the government, but in a democratic country you cannot expect silence on the the part of the citizens when something goes wrong.

The government has not put ban on trading of cryptocurrencies but the centeral bank has issued notice to other commercial banks not to deal in any crypto related entity which in turn down the work of local exchanges.The supreme court had decided to stick with decision of RBI until 20 july until next hearing.So its not a ban on bitcoin or other cryptos but banking transactions have been closed from exchanges.

This is a terrible news for all our fellows who believe in bitcoin in this country.  I can only imagine how disappointing this is to them. I am hoping that this wont happened here in the Philippines.

You are not allowed to just copy paste posts. Your post must have a meaning sand if you just want to provide information to others then make it in such a way that you are not spamming by copy-pasting and expressing your views in a significant manner.



All you guys must know that Bitcoin or any cryptocurrency is not technically banned in India but are restricted to be dealed with INR(Indian fiat).
Despite other people posting that it is not banned, I see many people agreeing that its been banned which shows that the people are posting without prior reading the posts.

This is indeed a sad news for the market of crypto currency. Losing out on such a big market like India, the crypto world lost pout on a lot of potential investors. The government has done this mainly due to the fear of the market's anonymous actions, which may result in illegal works.

it is unfortunate, while bitcoin can help improve a country's economy
i think india will regret it and they will soon receive bitcoin

Why like this turn out in India. Well, I think it is not yet finalized that the Bitcoin in India is totally banned. As i have read, the government is still thinking if they will banned crypto currencies since they know that the other countries are accepting it. Well, this is not a good news for u and for the whole crypto currency community.

The issue of cryptocurrency or bitcoin being banned in countries are becoming too much on this platform. The saddest aspect is that most of them are old news and others too are fake news. If we continue to be spreading such news, it brings fear to most investors. And to the countries who really want to ban it i believe they will rescind that decision in no time. Trust me.

It is very sad that we always hear such news. I believe the indian government will rescind this decision if it is indeed true. All the same lets keep spreading and educating the world about bitcoin.

India may ban bitcoin in the country but India will also re-think about the ban because bitcoin is wedely accepted in other countries.And possibly India will also be able to accept bitcoin.

It is unfortunate that in India it bans bitcoin because other countries are already taking advantage of its own bitcoin benefits, now India may still ban bitcoin, but one day India may accept bitcoin and feel its benefits.

I've been hearing news like this, and it turns up now. no problem, Although in India now Cryptocurrency trading is Illegal, but I am sure the interest of the people there is still very high. And RBI will think of this again, if later Cryptocurrency really has been accepted by the world, and it is not impossible to ban Cryptocurrency trading will be pulled out, and the Indian people to be free to trade Cryptocurrency.

The ban imposed by the Reserve Bank should not be taken as a ban on cryptocurrencies in the whole country.In India, bitcoin is not prohibited. Users of exchangers still continue their activities. No accounts are frozen.The Minister of economic Affairs concluded that the government has not yet fully understood its attitude to cryptocurrencies.

Well the same thing happened in Sri Lank. But they can't actually ban crypto as they are decentralized. They only can issue a statement. No worries
 But after the news, indians won't be able to participate in most ICOs.

Govs and banks may ban or permit something, but it's really not up to them to decide the future of crypto. History shows that a moment something becomes very big and adopted by majority govs are forced to give they permission. Or face the consequences that may wipe them out.

The only thing India really did - it gave the perfect opportunity to profit on arbitrage to the lucky bastards that knew about indian situation ( geez, if I only was one of them!) and dump the world cryptomarket a bit.

This would be quite unfortunate and devastating if it is really true that the government has decided and firmed to ban bitcoin in India. But I think this news is becoming too much on the platform. I believe is high time we the crypto lovers we looked for a solution to this. I really do not understand why governments are rising against cryptocurrency. I think I have to ask more questions and research into that. Because i see bitcoin to be of more help than harm.  

India is not a country that prohibits bitcoin. The local government has introduced some measures to worry about the confusion of encryption.

Bitcoin ban in india if this news is true than it's not good now the world changes it's digital market if new age both parties must be clear issues from both side and gave to each other some relaxation strick attitude not good hopefully this news will change.

Legal barriers are removing Bitcoin from India, but on the other hand, Bitcoin prices are still rising day by day. Investors here do not care about the legal barriers they overlook and seek the profits they need.

it's another sad news about the cryptocurrency and another countries that the bitcoin banned. but I don't think that the user of bitcoin in india would follow it easily I am sire that there are people qho used bitcoin in their country but not know by their government. when you are entering in the cryptocurrency, it is difficult to get out. because you've regret it.

This is not happy news for us. Bitcoin brings a lot of benefits to life. Hopefully in the future they will rethink their ban.

Many countries adopt bitcoin
In India government did not banned crypto cruncy but just taking some decisions should we adopt bit coins or not. 
After some time it will be openly launch in Indian market

Is that true? Just recently I read an article where Shubham Yadav, co-founder of Coindelta, a Pune-based cryptocurrency exchange said “Though cryptocurrencies belong to a new class of financial assets, we can still welcome them as commodities and not currencies because of their high volatile prices.”

India is a country that is making every effort to prevent the progress of bitcoin and cryptos. This is bad for the country as most people are unbanked and this scenario is not going to be reversed anytime soon.

I don't think that they'll stay with the same idea and they finish to accept the cryptocurrency and to change their mind about.With the band they'll have more problems with the economy, Now they are able to have the hidden business transaction where all the Indian will hide them transaction.

Actually there is no such news of Bitcoin Ban in india.

Only RBI release some term and conditions regarding crypto currencies.

It will be a huge loss to india if it ban bitcoin in india as accepted by world all countries soon.

Bitcoin is not ban in India.Still the decision is pending.But people of India are facing many problems.RBI had passed the orders that no bank will exchange any cryptocurrency into Indian currency.Due to which people who are using bitcoin  are not able to get money in exchange of the BTC.All depends on the result of court case which is going to declare on 20th july.But till 20th july the orders of RBI will be followed.After that result it will be decided that whether bitcoin will be ban in India or not.

RBI don’t like Indians trading in Crypto, hence they have decided to withdraw their support from all the organisations that are dealing in crypto.

This ban is actually from the central bank and not the government as a whole, The legislation haven't made their stance towards crypto trading public and i do believe that they are going to revoke the ban that RBI has placed on crypto trading in the country.

India banned Bitcoin, India start accepting Bitcoin... Bla Bla Bla.. I am hearing this kind of news since one year. Is this true or not?

India is wrong to think. to do this, India will repent further. Bitcoin is being used in many places and I hope this popularity will move forward.

I agree in your opinion, banning a bitcoin in one country it's a mistake, for me cause we know that bitcoin is give profit high profit in every investment and bitcoin is big help for them and there economy to become successful. I wish that one day there government will  realize that bitcoin is give them good future.

That's a shame especially since in most other countries bitcoin is basically the future, hopefully, the ban get's lifted soon if it becomes really big.

India later or sooner will accept this technology that will give new speed, directions and more options to new business. As India will have more clear vision it will come up with the new solution.

In India bitcoin is not banned, RBI warns traders to stop trading bitcoin via banks. This only happens in the India, but we can use trading via local bitcoins.Bitcoin has a bright future, so many countries now accepted crypto as legal nowadays. In future India also accepted crypto fully including trading but it will take some time to reach.

There is a lot of black money hidden in cryptoconces because the Indian government wants to stop Bitcoin. The government needs to check and keep money white. RBI's take a giant step to for that.
https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=43574
That means next 3 month stop exchange into INR.
Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
https://coingape.com/rbi-cryptocurrency-ban-in-india/

Bitcoin has been not banned in india.On 6th july the supreme court gave announcement that all banks are disconnected from btc transaction, it means you can't convert your btc to your fiat currency and Don't take it into your bank accounts. There has been one solution is also available for it. You can sell your bitcoin on localbitcoins and easily get your money into your bank accounts.it means you can still trade cryptocurrency in india.

It is still not banned.Due to the RBI's case against all the exchanges dealing in digital currencies, the banks are not allowing these exchanges to convert cryptos into rupees.A temporary stay is there till 20th of July.Hearing of this case will held on 20th of July which will decide the future of Bitcoin in India.If these exchanges won the case then the people will be able to convert their cryptos into rupees and if RBI won the case then it will be an end for Bitcoin.

If the govt thinks of doing so,it might end up loosing faith of the investors who invest in Cryptos The economy might be hit.And as the blockchain goes popular with a lot of countries accepting it the Economy might miss a large chunk of development and the govt might have to rethink it's decision.

I think Indian government do not ban bitcoin now, because the indian government says that the do not regard crypto as a legal tender and  will try to remove payment using coins like bitcoin

Sad to think but yes it happen that bitcoin in india is in banning state because of the gap of technology that happen between of the two of them at the same time because of the different culture.

Oh! But I thought it isn't illegal in India. so why the ban?

Actually, India isn't that prepare for cryptocurrency acceptance and yet their people have knowledge on crypto,  it's purpose and how it used.  Mainly, India have still a problem with internet connection that's why crypto can't penetrate on their country.  That might turn back once they have stabilize internet accessibility and banks preparation.

The future of Bitcoin in India - The Government of India has not accepted the crypto currency as valid currency. If government accept this currency then currency"s future will be bright future.:):)

I think bitcoin banned in india because the government did not like to adopt the bitcoin so that its very bad news in people in india because people in india want to invest in bitcoin so that the life of people in india become change and become rich but the government scared about that because its hard to control if the bitcoin will uses in all peolple.

No exact information regarding the banned bitcoin in India is just rumors as well as unconfirmed information, the open India of bitcoin activity is good news for us.

The exact thing is India hasnt banned bitcoins. Only the central bank of India ie the Reserve bank of India withdrew their support from the cryptocurrencies. To be more clear without the bank's support none of the Indians can withdraw money from exchanges to bank. Thats it. But the goverment hasnt banned bitcoins.

An initial ban on Bitcoin trading has been introduced, although it may not stand. Authorities are now contemplating to classify cryptocurrencies as commodities.

India is still running through thier economy to be progressive still studying on how to be accepted bitcoin as helpful to themselves don't follows the negative doings of other bitcoin users they are making bitcion Good rules mesirable.

I believe that only RBI is against crypto since this stands for the banks opin the said country but the government of india has a positive outlook for cryptocurrency so i believe that this will be resolve sooner and theres really no need to panic

The best thing you all crytp holders and traders in india is to let the government know how supportive you are in crypto and how this may help lives of indi people

There are so many issues that do not really know whether it is true or not I think of what is left in their home in India I know it and I'll explain that bitcoin is really okay it's banned.

Maximum leading countries are against Bitcoin and cryptocurrencies. When Bitcoin will be adopted worldly, they will realize and find a new way to adopt with Bitcoin. That days is not far away.

The current ban on Bitcoin-rupee trading in India is very controversial.

RBI decision is not based on market sentiment or thorough research. For domestic cryptocurrency exchanges, it causes many different issues. Most platforms have transitioned to a crypto-only trading business model to survive.

Indian authorities are taking note of the repercussions caused by this blanket ban on trading. Local sources claim the government is contemplating a different approach. Labeling cryptocurrencies as commodities appear to be the new potential outcome.

Labeling crypto currencies as commodities  will cause a lot of problems and will limit the growth of bitcoins. That is completely against the basic concept of bitcoins.

I think that government should take its time to understand the concept and basics of bitcoins, hire some experts for this and then come up with final verdict. Changing decisions in future as they have done in case of demonetization gives a very poor impression.

Well, as we can see, There's a lot of news that they're saying that Bitcoin and other cryptocurrencies are banned in many countries in the world, like India. They're saying that because of lots of issues of cryptocurrency like "Many people tried to kill because of Bitcoin" or "Many people tried to buy drugs using bitcoin", the government banned these cryptos. Well, whether we like it or not, we should accept these news because the government of these countries are not Pro- bitcoin but they are against in Bitcoin and other cryptocurrencies.

There comes a notice dated 03/04/2018 from the Reserve Bank of India clearly stating that using bitcoin or any other crypto currency in India is strictly illegal and those who are using it are requested to stop it and withdraw their money within 3 months from the date of issuing of the notice and then after 3 months , Reserve Bank of India has banned it and now the use of crypto currency in India is illegal but still there are news that there could be some amendments in this notice further.

That's the fake news india country bitcoin is not ban, Many people in india was investing bitcoin so they you sad if the bitcoin is ban to their country, I hope that is never happen to them.

In fact, India is not prepared to accept electronic money and their people have knowledge of cryptography, which is the purpose and usage of it. That can come back when they have stabilized their internet access and prepared the bank.

Bitcoin (or any other crypto currency ) cannot be banned in India (or any other country ). The most they can do is stop the conversion of the same into regional currency. But you can always use crypto exchanges to convert them USD and then deposit into your bank account .

Bitcoin is not going to be made illegal in india. It has always been treated as an illegal tender since it’s inception. It means you can not use bitcoins to pay for a service or receive it as payment for your services.

Trading bitcoins will always be legal.

The main reason for any country for not allowing the use of cryptocurrency is the fact that cryptocurrency are not under the control of any government.Government cannot control cryptos transactions.So in order to stop or we can say to prevent the misuse of cryptocurrency they ban them.I am still in a doubt that whether Bitcoin is banned in India or not.According to me the legal status of Bitcoin in India is still not clear.

So true. It is like letting go of the big fish you have catch in the ocean. You have let go of the great opportunity if you let go of bitcoin. Bitcoin is the future im whoch it will be soon used worldwide, no doubt about it. It will probably rise to the top. We just need to wait for what will going to happen next.

For electronic money exchange in the country, it causes many different problems. Indian authorities are noticing the consequences of this ban on transactions. Labeling electronic money when the goods appear is a potential new result.

I am sure that after some time the Government will think about this problem and because the ability of coin adaptation is increasing and people are turning to crypto currency restrictions will be withdrawn. Because the future is cryptocurrency. The progress of cryptocurrency will be very good for the future, so they will follow the current that is not too far behind from developed countries.

I dont think so that indian government will ban bitcoin in india still i think its ban or not m not sure but in future the government will make some regulations to use bitcoin in india so people can easily use bitcoin so there is no any option of bitcoin ban in india it has a bright future.

The country who banned bitcoin will be regret their decision in future because the economy and the concern of an important number of people will based to bitcoin not other currency